[vpFREE] Re: Proposition 3 on the Nevada Ballot affects Video Poker Players Big Time

 

Right on, Cogno. "Gross Receipts" are reported on Line 1 of Sch C. Not sure how one can avoid reporting, at minimum, gross reported w-2g winnings here (but there are more creative accountants than myself).


---In vpFREE@yahoogroups.com, <nightoftheiguana2000@...> wrote :

Cogno wrote: "There isn't even a place on Schedule C to enter the W-2G total."

You're claiming less gross income than your W2G and 1099misc totals? Doesn't that initiate an audit?

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Posted by: harry.porter@verizon.net
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RE: [vpFREE] Re: 2015 American Casino Guide Books Sale

 

You should be fine. They should treat the 2015 coupon as a new year. I'm
not saying that with 100% certainty but most everyone has done it that way
in the past. MSS was new this past year.

Regards,

Scot

From: vpFREE@yahoogroups.com [mailto:vpFREE@yahoogroups.com]
Sent: Friday, October 31, 2014 4:37 PM
To: vpFREE@yahoogroups.com
Subject: RE: [vpFREE] Re: 2015 American Casino Guide Books Sale

Would I be able to use coupons from the 2015 book that I already used in
2014?

For example....free buffet art Main Street Station after 250 points. I used
this coupon from the 2014 book back in January. I believe that offer was
only good once a year. I'm guessing the coupon from the 2015 book wouldn't
be good until January 2015.

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Posted by: "Scot Krause" <krauseinvegas@cox.net>
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[vpFREE] Re: Proposition 3 on the Nevada Ballot affects Video Poker Players Big Time

 

Here's a link to the information about Question 3 from the
booklet that the Secretary of State sent to all Nevada
voters. It includes the actual ballot question, an
explanation and arguments for and against.

http://nvsos.gov/Modules/ShowDocument.aspx?documentid=3429

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Posted by: vpFREE3355 <vpfree3355@gmail.com>
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Re: [vpFREE] Proposition 3 on the Nevada Ballot affects Video Poker Players Big Time

 

Vegasvpplayer wrote: "It doesn't seem like that big a deal. Just do what most gamblers do and report your gambling winnings on Form 1040 and report gambling losses as itemized deductions."

As you may find out, that is a big deal for many people, especially those in retiring ages. Reporting W2G and 1099misc on the 1040 inflates your AGI, and that triggers all sorts of bad things. Gambling losses are not deductible from your AGI, they are deducted downstream.

[Non-text portions of this message have been removed]

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RE: [vpFREE] Proposition 3 on the Nevada Ballot affects Video Poker Players Big Time

 

I have not worked as a tax accountant in 15 years and never did gamblers returns. If you read that law again. i think the key will be the COGS section and how people are reporting and filing. From previous discussions I have the impression that out of 10 people there are 8 different was people are filing. Some people are reporting w2 only it sounds like and others are showing the full activity.

So if you are $5M coin in, get $1M in W2's and win $5.1.M, I would think the tax is on 100K not the $1M.


Your gross $5.1M - COGS $5M leaves your profit to be taxed. The law allows you to deduct compensation or COGS.


I have no idea wht you guys are doing but new tax laws usually involve people tweaking their returns, legally or not,






Rich
AC Cheapie



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Re: [vpFREE] Proposition 3 on the Nevada Ballot affects Video Poker Players B...

 



Cogno wrote: "There isn't even a place on Schedule C to enter the W-2G
total."

You're claiming less gross income than your W2G and 1099misc totals?
Doesn't that initiate an audit?

Not necessarily.

But being a member of the Tea party does initiate an audit!

[Non-text portions of this message have been removed]

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Posted by: Countgr8@aol.com
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RE: [vpFREE] Proposition 3 on the Nevada Ballot affects Video Poker Players Big Time

 

Cogno wrote: "There isn't even a place on Schedule C to enter the W-2G total."

You're claiming less gross income than your W2G and 1099misc totals? Doesn't that initiate an audit?

[Non-text portions of this message have been removed]

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Posted by: nightoftheiguana2000@yahoo.com
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RE: [vpFREE] Proposition 3 on the Nevada Ballot affects Video Poker Players Big Time

 

I'm not sure where Nersessian's friend got the idea that gross W-2Gs would
be taxed under this law. I am not a tax accountant but I read the law and it
seems to be a tax on gross income, which would be net gambling winnings
before expenses. You even get to deduct up to $300k of compensation before
the tax kicks in. There isn't even a place on Schedule C to enter the W-2G
total.

Opinions of tax accountants would be welcome.

Cogno

-----Original Message-----
From: vpFREE@yahoogroups.com [mailto:vpFREE@yahoogroups.com]
Sent: Saturday, November 1, 2014 4:28 AM
To: vpFREE@yahoogroups.com
Subject: Re: [vpFREE] Proposition 3 on the Nevada Ballot affects Video Poker
Players Big Time

It doesn't seem like that big a deal. Just do what most gamblers do and
report your gambling winnings on Form 1040 and report gambling losses as
itemized deductions. Perhaps not as economical as using Schedule C, but
probably not a big difference unless you have a lot of related expenses like
unreimbursed travel.

Sent from my iPad
>

[Non-text portions of this message have been removed]

------------------------------------
Posted by: Vegasvpplayer <vegasvpplayer@gmail.com>
------------------------------------

vpFREE Links: http://www.west-point.org/users/usma1955/20228/V/Links.htm

------------------------------------

Yahoo Groups Links

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[vpFREE] vpFREE Posting Guidelines - 1 NOV 2014

 

vpFREE Posting Guidelines - 1 NOV 2014

http://www.west-point.org/users/usma1955/20228/V/POL_P.htm

1. Everyone should read and be familiar with the vpFREE
FAQ before posting messages on vpFREE Forums.

2. Every message's subject line should accurately identify
the content of the message, to facilitate faster navigation
by interested or uninterested members.

3. If you reply to a message and change the subject matter,
either start a new thread (preferable) with a new subject
line or rename the subject line to reflect its new focus.

4. When replying to messages, quote just enough of the
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Files Directory on the vpFREE home page unless they get
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9. Casino personnel probably monitor vpFREE Groups so posts
containing sensitive information should take this into
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10. Members are expected to observe the rules of
Netiquette , and to practice politeness and show good taste
in their vpFREE posts.

11. Any post that disagrees with vpFREE Dogma and
reaches contradictory conclusions, should be supported with
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12. Most vpFREE members rely on the forum for accurate
information, and may misunderstand, misinterpret or be
confused by tongue-in-cheek posts which are presented as
fact. Always make it very clear in your posts if they are
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13. Use FREEvpFREE for any political, religious, or smoking
vs. non-smoking discussions. Non-partisan status reports
about smoking and non-smoking availability in casinos are OK
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14. If you have Yahoo administrative problems, send a
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the vpFREE Yahoo! Administrative Problems Directory.

15. Let the Administrator do the administrating. Send any
comments, questions, suggestions or disagreements about
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[vpFREE] vpFREE Policies - 1 NOV 2014

 

vpFREE Policies - 1 NOV 2014

http://www.west-point.org/users/usma1955/20228/V/POL.htm

The vpFREE Video Poker Group is a free internet forum for
the discussion and exchange of information about video poker
and video poker related topics. vpFREE is dedicated to
sharing, promoting and preserving good video poker
situations that can survive and prosper in an open market
environment.

MEMBERSHIP REQUIREMENTS: Every vpFREE member is expected to
observe and practice the vpFREE Posting Guidelines and the
rules of Netiquette , and to vote in all applicable vpFREE
polls and elections.

SUNSHINE POLICY: vpFREE members are expected to report all
attractive games they notice in casinos they visit, unless
they believe it's better not to publicize the games, either
for their own benefit or for the video poker community as a
whole.

MODERATION: vpFREE is semi-moderated, which means that
established members aren't normally moderated, but
individual members can be moderated for cause. All new
members are moderated, to help prevent spam messages, until
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FREEvpFREE: Political or religious posts and any extended
discussions of off-topic threads should be done on
FREEvpFREE which is the unmoderated, free speech forum of
the vpFREE groups. Disruptive threads will be moved to
FREEvpFREE.

PROMOTIONAL POSTS: The preferred promotional method on
vpFREE is the use of short, unobtrusive signature files. In
addition, occasional announcements of new or continuing
offers of mainstream video poker related products are
acceptable. All other promotional posts require prior
approval.

TERMS of SERVICE: See vpFREE Terms of Service .

NON-PROFIT: vpFREE is, and will always remain, a non-profit
operation. Neither vpFREE nor the vpFREE Administrator has
any financial interest, direct or indirect, in any
commercial video poker related product or endeavor.

ADMINISTRATION: The vpFREE Administrator makes, interprets
and enforces the rules and policies for vpFREE, subject to
oversight from the vpFREE Administrative Committee.

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Re: [vpFREE] Proposition 3 on the Nevada Ballot affects Video Poker Players Big Time

 

It doesn't seem like that big a deal. Just do what most gamblers do and report your gambling winnings on Form 1040 and report gambling losses as itemized deductions. Perhaps not as economical as using Schedule C, but probably not a big difference unless you have a lot of related expenses like unreimbursed travel.

Sent from my iPad
>

[Non-text portions of this message have been removed]

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Posted by: Vegasvpplayer <vegasvpplayer@gmail.com>
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